(CTN News) – On Sunday, Chinese Premier Li Qiang convened a meeting with Indonesian President Prabowo Subianto to deliberate on strategies for enhancing trade and investment in the face of the obstacles posed by economic globalisation and the U.S.-led global trade war.

Li arrived in Jakarta, the capital of Indonesia, on Saturday afternoon to commence a three-day tour of the largest economy in Southeast Asia. This year, he embarked on his inaugural international journey to this location.

China and Indonesia are also part of the Group of 20.

On Saturday evening, Li was present at the Indonesia-China Business Reception, where he was accompanied by 60 prominent Chinese businesspeople. He emphasised in his speech that China’s economy has experienced substantial growth this year, despite escalating external threats.

When Subianto was in attendance at the ceremony, Li declared, “The current international situation is a deadlock.” Unilateralism and protectionism, along with bullying behaviour, are on the rise. The Non-Aligned Movement was established in Bandung, Indonesia, 70 years ago by Asian and African nations at a critical juncture in world history, according to Li.

Li asserts that the Global South’s unity and cooperation have been significantly enhanced by the Bandung ethos of camaraderie, solidarity, and cooperation.

Li stated, “Over 70 years later, the world is once again at a critical juncture.”

He encouraged all nations to seek areas of mutual accord while resolving disputes through communication and collaboration.

Subianto expressed his gratitude to the Chinese government and enterprises for their economic, job-creation, technology-transfer, and trust-building initiatives, particularly in his country.

Additionally, he encouraged Chinese investors to augment their financial contributions to Indonesia. In the preceding year, bilateral trade increased by 6.1% to surpass $147.8 billion. For the past nine years, China has been Indonesia’s primary trading partner, as per Li.

The Belt and Road cooperation initiative has achieved notable accomplishments, such as the establishment of nickel smelting facilities and the launch of Whoosh, the commercial service of Southeast Asia’s first high-speed railway. Whoosh commenced operations in October 2023 and has since transported nearly 10 million passengers.

Indonesia aims to increase its contribution to the supply of essential basic materials, such as nickel, to the expanding electric vehicle manufacturers in China.

Subianto and Li met privately at Merdeka Palace in Jakarta on Sunday.

Li stated in his introductory remarks that the current international landscape is in a state of significant upheaval, and peaceful development is being challenged by a multitude of uncertain and unstable elements.

China aims to fortify its long-standing alliance and cooperation with Indonesia by focusing on five critical areas: security, maritime affairs, politics, economy, and cross-cultural exchanges through the Belt and Road Initiative. Li stated.

Li’s return to Jakarta in September 2023 resulted in an additional $21.7 billion in Chinese investment, following a meeting between former President Joko Widodo and Chinese President Xi Jinping in July 2023, during which they committed $44.89 billion in investment.

Twelve agreements were executed under the leadership of the two presidents, which encompassed initiatives to enhance trade, investment, tourism, health, agricultural exports, and collaboration to facilitate bilateral exchanges in local currencies.

Subianto emphasised the historical connections between China and Indonesia and stated that the two countries are at a juncture in their bilateral relationship. Subianto reiterated our commitment to strengthening our comprehensive strategic partnership with the Chinese government and people. “We maintain that this will benefit not only the two nations but the entire Asian region.”

Rosan Roeslani, the Minister of Investment and Downstream of Indonesia and the president of the Investment Coordinating Board, asserted that Li’s visit presented opportunities for tangible collaboration, including the implementation of a $10 billion investment that the two nations had previously agreed to.

Roeslani informed reporters that “the investment has commenced and encompasses several strategic sectors.” The visit will facilitate the establishment of numerous new connections in the chemical sector, transportation, industrial cluster development, and mineral down streaming.

Li will engage in a meeting with Indonesian parliamentarians on Sunday. He will travel to Malaysia on Monday to deliver a speech at the ASEAN-GCC-China Economic Summit, which will be attended by leaders from the Gulf Cooperation Council and Southeast Asian countries, in the company of Prime Minister Anwar Ibrahim.

SOURCE: AP